Square has formally launched Square Cash, a new way to send and receive cash from family and friends via email with no sign-up or account required.
According to Brian Grassadonia, Director of Products at Square: “The idea is to allow anyone to send money to anyone else using the tools in their pocket.”
The service, which is built on top of email, allows anyone to send money by emailing their friends or family members with the amount to be given as the subject line while copying firstname.lastname@example.org.
If the sender’s debit card information is not already on file, Square will require the sender to register his or her debit card on a web page using the card number, expiration date and billing ZIP code.
The recipient will then receive an email from Square informing them that they have received a certain amount of money from the sender. A link will then ask the recipient to input his or her debit card, expiration date and billing ZIP.
Once all the data has been entered, the transfer will begin. Funds will normally be transferred within one to two business days. Recipients are given up to 14 days in which to enter their debit card information, with Square sending an email reminder every other day.
In addition, Square has also released the Square Cash app for Android and iOS. The app fills out an email before launching the native mail app on the mobile phone to allow the sender to finish sending the message.
Although Square Cash previously charged 50 cents for every transaction during its private beta, the service is now free. However, it is currently only available in the US.